Dubai shook investor confidence across the Persian Gulf after its proposal to delay debt payments risked triggering the biggest sovereign default since Argentina in 2001.

The cost of protecting government notes from Abu Dhabi to Bahrain rose, extending the steepest increase since February as Dubai World, with $59 billion of liabilities, sought a “standstill” agreement from creditors. Its debt includes $3.52 billion of bonds due Dec. 14 from property unit Nakheel PJSC. Dubai credit-default swaps climbed 90 basis points to 530 after yesterday increasing the most since they began trading in January, CMA Datavision prices showed.

“There is nothing investors dislike more than this kind of event,” said Norval Loftus, the head of convertible bonds and Islamic debt at Matrix Group Ltd. in London, which manages $2.5 billion of assets including Dubai credits. “The worst-case scenario will, of course, be involuntary restructuring on the Nakheel security that brings into question the entire nature of the sovereign support for various borrowers in the region.”

Dubai World’s assets range from stakes in Las Vegas casino company MGM Mirage to London-traded bank Standard Chartered Plc and luxury retailer Barneys New York through asset-management firm Istithmar PJSC. The Dubai government’s attempt to reschedule debt triggered declines in stocks worldwide that had been rebounding from the worst financial crisis since the Great Depression.

‘Debt Burden’

“We understand the concerns of the market and the creditors in particular,” said Sheikh Ahmed Bin Saeed Al- Maktoum, who chairs the Supreme Fiscal Committee in charge of apportioning financial support to ailing companies, in the first statement to come out of the Dubai government since the announcement about debt rescheduling. “However, we have had to intervene because of the need to take decisive action to address its particular debt burden.”

The MSCI Emerging Markets Index of stocks had the biggest decline in four weeks, falling 2.2 percent, led by Russia and China. Europe’s Dow Jones Stoxx 600 Index lost 3.3 percent in London, the biggest decline since April 20. South Africa’s rand and the Turkish lira weakened 2.1 percent against the dollar. Hungary’s forint lost 1.7 percent per euro. Credit-default swaps on Russia increased to 205 basis points from 192.

The MSCI World Index of 23 developed markets has risen 26 percent this year after banks worldwide recorded more than $1.7 trillion in writedowns and losses and governments committed about $12 trillion to shore up economies.

‘Shock’ Announcement

“The announcement was a shock,” said Beat Siegenthaler, chief emerging-market strategist at TD Securities Ltd. in London. “It is strongly affecting European markets.”

Dubai, ruled by Sheikh Mohammed Bin Rashid Al Maktoum, borrowed $80 billion in a four-year construction boom to transform the economy into a regional tourism and financial hub. The emirate suffered the world’s steepest property slump in the global recession, with home prices dropping 50 percent from their 2008 peak, according to Deutsche Bank AG.

Moody’s Investors Service and Standard & Poor’s cut the ratings on Dubai state companies yesterday, saying they may consider Dubai World’s plan to delay debt payments a default.

“Dubai is the most indicative of the huge global liquidity boom and now in the aftermath there will be further defaults to come in emerging markets and globally,” said Nick Chamie, head of emerging-market research at Toronto-based RBC Capital Markets.

Saudi Arabia default swaps climbed the most since February, adding 18 basis points to 108. The British Bankers’ Association asked the U.K. government to intervene with Saudi authorities over debts of at least $20 billion owed to as many as 100 banks by Saad Group and Ahmad Hamad Algosaibi & Brothers Co., two family holding companies based in the oil city of Al-Khobar, according to a letter dated Nov. 20.

Default swaps on Dubai World unit DP World Ltd., the Middle East’s biggest port operator, jumped by a record 181 basis points to 540.5 yesterday and were priced another 72 basis points higher today at 612, according to CMA data.

‘Restructuring Process’

Dubai World had $59.3 billion in liabilities and $99.6 billion in total assets at the end of 2008, subsidiary Nakheel Development Ltd. said in an August statement. Dubai owes $4.3 billion next month and $4.9 billion in the first quarter of 2010 through government and corporate debt, Deutsche Bank AG data show.

“DP World and its debt are not included in the restructuring process for Dubai World,” the government said in a statement to Nasdaq Dubai today.

The price of Nakheel’s bonds fell to 70.5 cents on the dollar from 84 yesterday and 110.5 a week ago, according to Citigroup Inc. prices on Bloomberg.

“Nakheel is now standing on the brink of failure given the astonishing amount of cash Dubai would have to inject on it in order to see the enterprise survive,” said Luis Costa, emerging-market debt strategist at Commerzbank AG in London. “Events like this are a perfect storm.”

Dubai credit-default swaps now rank as the fifth most expensive worldwide, exceeding Iceland’s and Latvia’s.

Preventing a Default

The contracts, which increase as perceptions of credit quality deteriorate, pay the buyer face value in exchange for the underlying securities or the cash equivalent should a company fail to adhere to its debt agreements. A basis point is 0.01 percentage point and is equivalent to $1,000 a year on a contract protecting $10 million of debt.

UBS AG, Switzerland’s largest bank, said it expects the U.A.E. will prevent a default by Nakheel. Owners of bonds sold by Nakheel scheduled a conference call today, said an investor and a trader who received the details.

Dubai is one of seven sheikhdoms in the U.A.E. that includes Abu Dhabi, which holds 8 percent of the world’s oil reserves and bought $5 billion of bonds sold by Dubai yesterday through state-controlled banks.

Unlike Argentina, which stopped payments on $95 billion of debt eight years ago after yields on benchmark bonds more than doubled in four months to more than 40 percent, Dubai’s announcement yesterday “was a surprise,” said Alia Moubayed, a London-based economist at Barclays Plc.

The government raised $1.93 billion last month in its first sale of Islamic bonds, attracting more than $6.3 billion of orders. The dollar-denominated securities due 2014, which are governed by Shariah laws barring investors from profiting from the exchange of money, dropped to 5.5 percent today to 92 cents, lifting the yield to 8.4 percent from 6.2 percent on Nov. 24, according to ING Groep NV prices on Bloomberg.

Gulf International Bank BSC, a Bahrain-based lender owned by the governments of six Gulf Arab states, postponed a planned sale of bonds in a $4 billion debt program, citing the “unexpected announcement” from Dubai, according to an e-mailed statement today.

‘Standstill’ Agreement

Dubai World will ask creditors for a “standstill” agreement as it negotiates to extend maturities, including $3.52 billion of Islamic bonds due Dec. 14 from Nakheel, Dubai’s Department of Finance said in an e-mailed statement yesterday.

Dubai World’s more than 70 creditors face the prospect of writedowns on as much as $60 billion of debt if they haven’t unloaded their holdings and the state-owned company fails to win additional support from Abu Dhabi.

The biggest creditors are Abu Dhabi Commercial Bank and Emirate NBD PJSC. Other lenders include Credit Suisse Group AG, HSBC Holdings Plc, Barclays, Lloyds Banking Group Plc and Royal Bank of Scotland Group Plc, according to a person familiar with the situation. Barclays slumped as much as 6.9 percent, the biggest intraday loss in a month, while RBS sank as much as 8.3 percent. Lloyds and Credit Suisse dropped more than 3 percent.

“Our exposure is immaterial,” said Credit Suisse spokesman Marc Dosch. HSBC, Lloyds and RBS declined to comment when contacted by Bloomberg. Simon Eaton, a spokesman for Barclays Capital in London, also declined to comment.

Default Criteria

Emaar Properties PJSC, the United Arab Emirates’ biggest developer, was cut by four levels by Moody’s to Ba2, two steps below investment grade. Jebel Ali Free Zone, an operator of business parks, and DIFC Investments were also lowered to speculative-grade by Moody’s yesterday. DP World and Dubai Electricity & Water Authority were downgraded two levels to Baa2, the second rank above junk. Moody’s and S&P said they may cut ratings further.

The debt “restructuring may be considered a default under our default criteria,” S&P said in a statement.

Borrowing from Abu Dhabi state banks accounted for half the $10 billion Dubai ruler Sheikh Mohammed said he planned to raise by yearend. He said Nov. 9 the program will be “well received,” and those who doubt the unity of Dubai and Abu Dhabi should “shut up.”

Sheikh Mohammed removed the chairman of Dubai World from the board of Dubai’s main holding company, the Investment Corporation of Dubai, last week.

Contracts on Abu Dhabi National Energy Co., the state- controlled energy producer known as Taqa, jumped 70 basis points to 250, the highest since August. Swaps linked to Mubadala Development Co., a government-backed investor that announced an $8 billion joint venture with General Electric Co. last year, rose 111 basis points to 247, according to CMA. Mashreqbank PSC, the U.A.E.-based lender owned by billionaire Abdul Aziz al- Ghurair, jumped by a record 254 basis points to 639.

“It’s very important to resolve this in a way that will minimize contagion across the region,” Matrix Group’s Loftus said.

venerdì 27 novembre 2009

The winning destinations, chosen by national juries, are located in protected areas (i.e. area of land and/or sea/internal waters dedicated to the protection and maintenance of biological diversity, and of natural and associated cultural resources, and managed through legal or other effective means) and areas bordering them, where an economically viable tourism product has been developed using the protected area as an asset, while respecting its protected environment and at the same time meeting the needs of local residents and visitors.

AustriaGrosse Walsertal Biosphere Park Located in the heart of the Austrian Alps lies the remarkable Grosse Walsertal Biosphere Park. With such a rich landscape, Grosse Walsertal has it all, whether you’re a walking, gardening or food enthusiast. The Alps rise over 2,700 metres high, parted by fertile farming valleys where everything from herbs, berries and flowers are grown.

BelgiumViroin-Hermeton Nature ParkLocated south of Charleroi in Belgium's heartland is the Viroinval Nature Park. This regional jewel offers timeless landscapes and scenery, plant life and wildlife, along with tantalising local cuisine. Perfect for walking, mountain biking, family adventures, cultural festivals or romantic getaways. Marvel at the pristine meadows and farmlands, thick-green forests and rolling hillsides .

BulgariaTown of BelitsaBulgaria's town of Belitsa, is located in the south-west part of the country within the valley of Razlog. Since it rests on the foothills of the Rila, Pirin and Rhodopes mountains, the town boasts stunning panoramic views, and is home to the largest bear rescue centre in Europe. History lovers can step back into Neolithic times.

CroatiaNorthern Velebit National ParkSituated in the north-western part of Croatia is the Northern Velebit National Park. Located just a few kilometers from the Adriatic Sea, the park unites two different locales, the coastal region and the mountainous zone. Predatory animals such as wildcats, bears and wolves, roam the mountainsides, while deep sinkholes and caves give the park an unparalleled sense of multiplicity.

CyprusVouni Panagias Resting in the eastern boundaries of the Pafos District rises Cyprus' Vouni Panagias. Ancient oak trees fill the dense and beautiful Pafos Forest in the mountainous regions, while closer to sea level age-old vineyards and water springs enhance the landscapes’ natural scenery. Extremely rare species of birds and wildlife inhabit the area, known for its walking and hiking trails.

Czech RepublicBohemian Switzerland Resting near the German border just inside the Czech Republic is the Bohemian Switzerland Natural Park. Its unique beauty and unmatched landscapes have inspired many great minds such as Kafka, Dvorak and Fridich, to name a few. Rock towers rise from the Earth, while gorges cut and slash their way through valleys leading to ancient castles and ruins.

EstoniaSoomaa National ParkLocated in Transitional Estonia, the Soomaa National Park was established to protect the many large raised bogs, flood plains, forests and meandering rivers. The region is home to Siberian Irises, beavers, cranes, the Ural owl, lynx, wolves and bears. In winter there are snowshoe tours over the bogs and frozen rivers, while in other seasons nighttime canoe tours are available.

FranceNorthern Vosges Regional Natural Park Surrounded by regions such as Alsace, Moselle/Lorraine and the Palatinate in Germany, the Northern Vosges Regional Natural Park has sandstone, hot springs and many water passages. The region is also home to many of the finest glass and crystal makers in the world, while fine restaurants specializing in the region's unsurpassed tastes are plentiful.

GreecePrefecture of Lesvos Located in the Northeast Aegean Sea, Lesvos is Greece's prized possession. The Island combines natural beauty and history in a unique way. An island best known for its beaches, Lesvos is home to some of the most spectacular natural attractions in the world. See fossilized tree-trunks in Lesvos Petrified Forest or go bird watching at the Gulf of Kalloni.

HungaryÍrottkő Nature ParkSituated in the West Transdanubian region of Hungary rests the Irottko Nature Park. Since the Irottko sits on the foothills of the Alps, the region is known for its varied landscapes and rich, fertile soil. The highest peak in the park , Irottko Mountain, rises 882 meters above sea level and overlooks quaint villages, historical landmarks and spectacular hillside vegetation.

IrelandSheep's Head PeninsulaLocated off Ireland's southwest coast is jagged Sheep's Head Peninsula. Despite its rugged terrain, Sheep's Head is rigged with unrivaled charm and a true hidden gem in Ireland's vast history. Take a walk on the Sheep's Head Way, visit forts and monuments such as Lord Bandon's Folly, and complete your trip by visiting some of the numerous pubs and restaurants.

ItalyProtected Marine Area Penisola del Sinis, Italy - Isola di Mal di VentreLocated in the central western coast of Sardinia, the Protected Marine Area Penisola del Sinis is an area of contrasting landscapes ranging from spectacular coastlines to imposing cliff formations. With timeless scenery, a unique wildlife population, an effervescent local community and fine cuisine, the area offers a peek into an indigenous culture and setting steeped in tradition .

LatviaTervete Nature ParkWith a history that dates back to the first millennium BC, Latvia's Tervete Nature Park, about 75 kilometers to the south of the capital city Riga, is a mystical region filled with a heroic past. A visit to the three castle mounds offers a distinct glimpse into the area's proud past, and visiting the beautiful Swans Lake is a must.

LithuaniaNemunas River Delta Regional Park Lithuania's natural wonder known as the Nemunas River Delta Regional Park was formed when massive glaciers melted to conclude the Ice Age. What the glaciers carved out and left behind were a series of flooded meadows, rivers, lakes, bogs and the Curonian Lagoon. In this vast region, covering nearly 2,000-square kilometers, water activities reign supreme .

LuxembourgSchengen - "Haff RéimechSituated on the southeastern-most tip of the Grand Duchy of Luxembourg, the Commune of Schengen is comprised of three villages: Remerschen, Schengen and Wintrage. It is a region of tremendous wineries with a major attraction being the 42-kilometer long "Wine Road" which starts on the Luxembourg Moselle river, winding its way through gorgeous lands dotted by wineries .

MaltaMel lieħa and the Hamlet of Manikata Mellieħa is a rural village situated in the north-western part of the island of Malta. Known for its wonderful sandy beaches, world-class hotels and restaurants, Mellieħa is one of Malta's most pristine regions. The area is rich in important archaeological sites with the magnificent church being one of Malta's most-prized pieces.

The NetherlandsPark GravenrodeNestled in the southern part of the Netherlands adjacent to the German border in the province of Limburg is the fully transformed Park Gravenrode. Once a dilapidated mining region with little or no nature, the region is quite a contrast to the rest of Holland with rolling hills and rising landscapes and its beauty is just beginning to be untapped.

PolandThe Bird Republic in the Warta MouthNestled away in the Warta Mouth National Park lies Poland's Bird Republic. This special bird sanctuary draws visitors throughout the year due to the great number of birds that make the park their home at various times throughout the year. The park itself is vast, with wetlands, rolling meadows, grasslands and the Warta River carving its way through .

RomaniaApuseni Nature ParkTucked away in western Romania, in the Apuseni Mountains, lies the amazing Apuseni Natural Park. The region boasts green forests, blue waters and white limestone as well as ravines, caves, underground lakes and unique carnivorous wildlife. The remarkable sunsets that this region is named after, along with timeless local charm, make Apuseni a mystical place to visit .

SloveniaSolčavskoThe Solčava district lies at the upper end of the Savinja River and has some of the most beautiful sceneries in the whole of Slovenia. The Alpine scenery is peppered with sites of breathtaking natural beauty, and the three mighty glacial valleys are the highlight of any stay. Hike in Alpine meadows, misty beech forests or banks of wild strawberries.

SpainThe Ebro DeltaIn the Southern Dis tricts of Cataluña lies Spain's Ebro Delta Nature Park. Tucked away in the hinterland of three major cities (Barcelona, Valencia and Zaragoza), this region boasts the splendid Terres de L'Ebre, an area of stunning scenery and ecosystems. Hear the wind whistle through the rice paddies, watch rare birds fly by and escape into the tranquility of nature.

TurkeyKars - Kuyucuk Lake Wild Life Reserve In the northeastern corner of Turkey, at an altitude of 1,750 meters lies the region of Kars. This historical area, which dates back to the Lithic Ages (13,000-10,000 BC), sits below the Castle of Kars, a magnificent fortress built in the 12th century. Visit Lake Kuyucuk for a spot of stargazing, or enjoy incredible panoramic views from Satan’s Castle .

giovedì 26 novembre 2009

Hope you enjoyed staying at the finest hotels around the world. Few things in life beat the luxury and amenities of fine hotels, except perhaps a visit to some choice ski destinations around the world. So bundle up and make some cocoa because we're about to embark on some crazy vertical drops...10. Aspen, Colorado, Western United StatesWant to ski with the rich and famous? If yes, then Aspen is the place to be. Aspen is known for its steeps and its four mountains that are not linked. This Colorado ski resort accommodates all by featuring excellent terrain for all skier levels. Filled with steeps and bumps, Aspen Mountain has fantastic groomed intermediate runs as well. The mountain is also a great choice for experts, who can access hundreds of acres of terrain off the backside of the mountain. As the resort-of-choice for the "better off," Aspen has a tendency to get slightly expensive.

9. Cortina, ItalyPerhaps this is where Alberto 'la bomba' Tomba got his start. Cortina matches any resort in the Alps and served as the host of the Olympic games in 1956. Similar to Zermatt in Switzerland, life revolves around a trafficless street. One of the world's first ski resorts, Cortina is also Italy's most stylish.

8. Mont-Tremblant, Quebec, Eastern Canada French Canadian joie de vivre meets North American service standards. Tremblant, Eastern Canada's best-known resort, has been given a facelift thanks to a $1 billion investment (that's Canadian currency, so roughly $13 American dollars). Open since 1939, Tremblant was the first resort to open in Canada and the second in North America. What makes Tremblant even more special is that it is an hour away from Montreal. An alternative would be Mont-Sainte-Anne, which is a nicer mountain and a short trip away from Quebec City, perhaps North America's most historic city as the gateway into the "New World."

7. Stowe, Vermont, Eastern United StatesOne of the most renowned and picturesque ski resorts on the map, Stowe offers traditional New England charm and the biggest vertical drop in the area. Stowe's two ski areas are Mount Mansfield and Spruce Peak. The latter actually backs onto Smugglers' Notch's terrain. As a result, Stowe is amongst a handful of American resort that has a lift-link to another resort. Stowe offers over 90 shops and 60 restaurants to make sure that visitors do not trek too far away.

6. Chamonix Mont-Blanc, FranceHost of the world's first Winter Olympic games in 1924, Chamonix ranks among the elite of contenders for the title of "world's most famous ski resort." Located at the foot of Mont-Blanc, it's the highest peak in the Alps and the second highest in Europe (top elevation 4,810 m/15,771 ft). Chamonix Mont-Blanc holds bragging rights both for its lift-served vertical drop of 2807 meters (9209 feet) and for having one of the world's longest runs (Vallée Blanche), at 22 km (13.7 miles).

5. Banff/Lake Louise, Alberta, Western Canada Located in the heart of Canada's Banff National Park, Lake Louise ranks as one of the most scenic mountain resorts in North America, if not the entire world. Banff/Lake Louise has three different ski areas (Mount Norquay/Mystic Ridge, Sunshine Village, and Lake Louise) that are roughly 50 km apart (yes, they use km outside of the US). The Insider's Guide to the Best Canadian Skiing has labeled Norquay as "an unforgiving brute legendary for its unrelenting vertical and monster moguls."

4. Vail, Colorado, Western United StatesLegendary Vail markets itself as "America's favorite resort" and deserves to be ranked amongst the world's top five all-around ski resorts. As the largest single ski area in the United States, Vail offers roughly 5,300 acres of skiable, terrain. Let's not forget the fastest high-speed detachable quads on one mountain. No small feat, I'm sure. Vail offers much more with several art galleries, museums, ballooning, dog sledding, ice skating, hockey, snowmobiling, and much more.

3. Zermatt, SwitzerlandWhile neighboring Gstaad is one of the world's top resorts with its three five-star hotels and St. Moritz is more popular, most rank Zermatt as Switzerland's top resort. A remarkably peaceful getaway, the village is peaceful thanks to its car-free environment. Amazingly picturesque, Zermatt holds the world's second biggest lift-served vertical drop and receives huge snowfalls thanks to its altitude (and some help from snowmakers on the lower slopes).

2. Kitzbuhel, AustriaWhile St. Anton holds the crown of "Europe's liveliest ski resort," and Innsbruck is home to one of Europe's liveliest and most beautiful cities (the International Olympic Committee must have thought so as well, as the city hosted the Winter Olympics in 1964 and 1976), Kitzbuhel is considered the "Pearl of the Alps" and is the most famous holiday resort in the Austrian Tyrol. This 700-year-old village offers visitors the charm of an alpine village. Skiing began in the winter of 1892.

1. Whistler/Blackcomb, Canada These two towering mountains provide the best skiing in North America, with the biggest vertical drop. It's funny what a difference 30 years and $600 million can make. Yet there was not much there but a mountain for courageous hikers. Whistler's charming village offers everything snowboarders and skiers crave; cafes, international stores and over 100 restaurants that cater to all tastes including Chinese, French, Greek, Italian, Mediterranean, Mexican, and Thai cuisine. Food is key after partaking in the activities that really make Whistler legendary. Whistler quickly rose through the ranks to become one of the strongest contenders for the much-disputed title of "world's greatest ski resort." Over the past decade, Whistler was consistently voted "Best North American Ski Resort" by North Americans. The Japanese repeatedly rank it as their favorite international destination.

LuxorLas VegasA vast 30-storey pyramid (the world's forth largest pyramid) encloses the world's larges atrium, measuring 820'000m3 (29 million cu ft). From its summit, the world's brightest beam of light reaches 16 km (10 miles) into space. Attractions include the Ra nightclub; Lasting Impressions - a show starring Bill Acosta; a replica of Tutankhamen's tomb, discovered by Howard Carter in 1922; Luxor Live, a simulated talk show with hologram characters; and an IMAX Cinema.The gaming area fills 11'000m2 (120'000 sq ft) and features a race and a sports book. Minimum table stakes start at $5, increasing to $10 on busy nights. Novice players can practice in poker lessons and try their luck in beginner's games with $1-$2 minimum stakes.MGM GrandLas VegasDubbed the 'City of Entertainment', the MGM Grand promises 'more facilities and recreational venues than any other resort'. The Grand Garden Arena features world-class concerts and special events; EFX Theatre is home to a $45 million musical starring Tommy Tune; Hollywood Theatre features top entertainers and New York's famous studio 54 nightclub is recreated. The MGM Lion Habitat showcases five lions - descendants of the company's famous mascot.The Entertainment Dome houses the 16'000m2 (170'000 sq ft) gaming area, where 165 tables offer craps, roulette, baccarat, mini-baccarat, Caribbean stud poker, pai gow poker, big six wheel, Spanish 21 and keno. Stakes start at $5 and increase at busy times. There are 3700 Slots with stakes from a nickel (5c) to $500. Tables in the race and sports book have their own TV sets and laptop points. The casino also has a sumptuous European-style area of high rollers.The MirageLas VegasAt dusk, the volcano outside The Mirage springs into life. Every 15 minutes it erupts, spewing flames and smoke 30m (100 ft) into the air and lava down its side.The illusion continues inside Kokomo's Restaurant where diners are surrounded by a tropical rainforest housed beneath a huge dome. Bathed in a fine mist of water, over 100 species of plant including orchids, bromeliads and bird of paradise trees inhabit the unique indoor environment. dolphin pools, an aquarium with live sharks and a lagoon-style pool add to the paradise theme. The long-running show by world-famous illusionists Siegfried & Roy features the Royal White Tigers and the White Lions of Timbavati.The casino has 117 table games and 2200 slot and video poker machines. Minimum stakes are 5c on the slots and $5 on the tables, rising to $25 at peak times.Steve Wynn, the former head of Mirage Resorts, has helped transform Las Vegas into a sophisticated location. When The Mirage opened in 1989 it set new standards in the city, which Wynn surpassed when he opened Bellagio in 1998, realizing his dream to create the 'most romantic and exciting hotel in the world'.New York New YorkLas VegasThis casino took its theme from 'the city that never sleeps', recreating the Manhattan skyline at one-third scale. Times Square, the Empire State building, Chrysler building and the public library provide a backdrop for a 45m (150 ft) replica of the Statue of Liberty with a tugboat at its base. The Brooklyn Bridge links The Strip with Greenwich Village.Cobbled streets are lined with tenement buildings, complete with graffiti. The Manhattan Express Roller Coaster, which reaches speed of 107 kph (67 mph), runs across the skyline and into the casino, introducing a flavour of New York's Coney Island beach resort.The interior of the 7'800m2 (84'000 sq ft) casino echoes New York's Central Park, with trees, streams and bridges surrounding 74 gaming tables, 2000 slots and a sports book. Games include roulette, blackjack, craps, mini-baccarat, progressive pai gow poker, Caribbean stud poker, let it ride, big six wheel, casino war and keno. Minimum stakes range from $5-$10.Paris Las VegasLas VegasOpened in 1999, the $760 million resort, owned by Park Place Entertainment, recreates the atmosphere of Paris with replicas of Parisian landmarks including the Arc de Triomphe, Louvre and Paris Opera House. The half-scale Eiffel Tower has glass lifts to the summit, from where there is a panoramic view of Las Vegas.The 7'900m2 (83'000 sq ft) casino, with 100 tables and 2200 slots, is a Parisian street scene, with cobble-stone paths, wrought-iron streetlamps and the ceiling painted to give the effect of the Paris sky at twilight. Games include blackjack, craps, Caribbean stud poker and pai gow. Stakes start at $5, rising to $10 at peak times. The race and sports book provides live coverage of major events from around the world.The decor in the 2916-room hotel is in the style of the historic Hotel de Ville in Paris. The roof has a 1ha (2 acre) swimming area set in a formal French garden. passages in the convention area are inspired by the Hall of Mirrors at the Palace of Versailles.Paris Las Vegas is linked to Ballys via Le Boulevard, a shopping mall with French-themed restaurants, and exclusive boutiques featuring some of Europe's top fashion names. Other facilities include a theatre, European-style spa and two wedding chapels.Treasure IslandLas VegasTreasure Island, owned by Mirage Resorts, has a pirate theme. A free show takes place each evening outside the casino in Buccaneer Bay, where swashbuckling pirates from Hispaniola do battle with British naval officers from HMS Britannia. The exchange of canon and musket fire culminates in the sinking if the British vessel. Large crowds gather to watch, so it is best to arrive early to get a good vantage point. Other amenities are the Mutiny Bay Entertainment Centre; Pirate's Walk Shopping Promenade; a tropical pool area, spa and beauty salon; and a children's zoo. The Treasure Island casino is open 24 hours a day.The VenetianLas VegasLocated at the heart of The Strip, The Venetian, which opened in 1999 at a cost of $2 billion, is built on the site of the legendary Sands Hotel. It is modelled on famous landmarks of Venice, including the Campanile tower, Doge's Palace and the Rialto Bridge. Gondolas on the Grand Canal and masked carnival performers in St Mark's Square add to the effect. The all-suite hotel has a 2 ha (5 acre) pool deck surrounded by gardens. Attractions include Madame Tussaud's Celebrity Encounter featuring famous Las Vegas icons such as Elvis Presley, Tom Jones and Frank Sinatra.The rococo-style casino has 122 gaming tables, offering blackjack, craps, roulette, pai gow, Caribbean stud poker and let it ride. The minimum stake is $5, increasing at peak times. There is a race and sports book and keno lounge. There are 2500 slot machines with stakes ranging from a nickel (5c) to $500.

BallysLas VegasHollywood movie stars Cary Grant and Raquel Welch performed the opening ceremony when Ballys was built in 1973, at a cost of $100 million.In 1981 a second tower was added and the hotel was expended to over 2800 rooms. Now owned and operated by Park Place Entertainment, the Art Deco interior recently had a $72 million restoration. The complex includes restaurants and shopping arcade.Ballys is host to Jubilee!, Las Vegas' longest-running topless revue with a cast of 100 dancers and singers, which opened in 1981 at a cost of $10 million. It was recently updated with a new $3 million opening number. The programme of original song and dance acts includes reenactments of the sinking of the Titanic, and the destruction of the Temple of Samson.The gaming floor covers 6'224m2 (67'000 sq ft) with over 100 table games, including blackjack, craps, poker, big six wheel, pai gow and a new race and sports book with 11 jumbo screens and 210 personal monitors.BellagioLas VegasWhen Steve Wynn's Mirage Resorts opened Bellagio in 1998, no expense was spared to create one of the most elegant and luxurious hotels in Las Vegas.Bellagio is stylish recreation of its namesake, a scenic village overlooking Lake Como in northern Italy. The effect is accomplished with a 3.6ha (9 acre) man-made lake, lavish gardens and terracotta tiled roofs on the buildings.Top class restaurants offer a diners choice of award-winning French and Tuscan cuisine. The hotel's 3000 rooms are decorated with antiques and art. Facilities include a swimming pool, spa and shoppingarcade featuring names such as Prada, Chanel and Hermes. A monorail links Bellagio to the Monte Carlo next door.The 10'000m2 (110'000 sq ft) casino offers roulette, blackjack, craps, let it ride, pai gow, Caribbean stud poker and baccarat. The table minimum starts at $5, rising to $10 at peak times.Binion's HorseshoeLas VegasSituated in the Horseshoe Hotel on Fremont Street in downtown Vegas, Binion's gives a taste of how gambling used to be in the Old West. Opened in 1951 by Benny Binion, a former Texas bootlegger and gambler, the casino evokes the atmosphere of a traditional gambling hall - no shows, no music, just gambling. Minimum stakes are $2 on blackjack and $1 on craps. The poker tables are not for beginners though, as many professional players make their living here.The World Series of Poker has been held at Binion's since 1970. The first competition had seven players, but now over 650 players from around the world try their luck. Each May, Becky Binion opens the tournament with a call of "shuffle up 'n deal". The action takes place nonstop for 30 days with a variety of tournaments offering stakes from $1 to no limit. The final is the No Limit Texas Hold 'em Tournament, which lasts four days. Players pay a $10'000 entrance fee and compete for the $1.5 million first prize and the title of world champion. The winner is given celebrity status, gaining a place in the Poker Hall of Fame.Many players attempt to win their entrance fee by competing in satellite tournaments. Ten players each stake $1'000 and play a knock-out tournament, with the winner taking all the stakes. There are also super-satellites where players each stake $100 and attempt to win the entry fee from a field of 200 or 300 gamblers.The World Series of Poker was inspired by a poker marathon which took place in 1949 at Binion's Horseshoe between Nicolas 'Nick the Greek' Dandolos and Johnny Moss. They played poker non-stop for five months, only taking breaks to sleep. Moss won and in 1970 repeated success by becoming the winner of the first World Championship.Caesars PalaceLas VegasFirst opened in 1966, Caesars Palace underwent a $300 million renovation in 1997. Many of the 2400 rooms feature spas, saunas and Roman tubs. Adjacent to the hotel is the Forum, an ancient Roman streetscape with shops, boutiques and restaurants, as well as a thrilling simulator ride, Race for Atlantis. The casino's Roman theme is also realized in the hand-painted murals and classic sculptures that line the gaming rooms.With three 24-hour casinos, Caesars offers some of the best gaming facilities in Las Vegas. Games available include roulette, craps, baccarat, big six, and Caribbean stud poker. Stakes start at $5 and increase when the casino is busy. A unique form of stud poker is played here, based on five-card stud. Blackjack games are available in many forms including hand-dealt single, double and multiple deck games, games dealt from a shoe, and over/under 13 games. Stakes on the slot machines start from 5c. The venue, which has hosted many championship boxing tournaments, also offer a huge sports book.Circus CircusLas VegasCircus Circus comprises three casinos, plus a separate keno area. The main casino has over 1800 slots with a range of progressive games. Table games include roulette, craps, poker, blackjack, casino war, pai gow poker and Caribbean stud poker. Stakes start at $3 for blackjack, $2 for craps and $1 for roulette. The poker room has 10 tables featuring low limit games.The West Casino has over 500 slots, plus roulette and blackjack tables. The SkyRise casino has over 400 slots, blackjack and roulette. The race and sports books allow the players players the opportunity to have a flutter on horse or greyhound racing, and other sports events.Family entertainment includes the world's largest permanent circus, the dramatic Mystere Cirque du Soleil. The cast of 72 acrobats, gymnasts and dancers dazzle visitors with their polished routines and flying trapeze shows. The Adventure Dome theme park features the spectacular Canyon Blaste roller coaster and three motion-simulator rides. Couples can tie the knot at the Chapel of Fountain.ExcaliburLas VegasLocated in one of the world's largest hotels, with 4008 rooms, the casino at Excalibur has 75 gaming tables, offering blackjack, roulette, craps and mini-baccarat, with stakes from $3-$5. Eleven poker tables offer a choice of seven-card stud, pai gow, Caribbean stud, Texas hold 'em, jackpot poker and progressive poker.There is also a 132-seat keno lounge and facilities to play keno in the restaurants. The race and sports book has150 seats. The more than 2550 slots, which include electronic games, video poker and video keno, offer stakes ranging from five cents to $25. The casino also has big six wheel, Spanish 21 and let it ride.The medieval theme is embolied in King Arthur's Arena, where a nightly medieval jousting show, The tournament of Kings, features battles between invading armies, brave knights, wizards and a fire-breathing dragon. Other non-gaming attractions include the Grand Slam Canyon - an in-house roller coaster, swimming pools with waterfalls and waterslides and a medieval shopping village.Las Vegas HiltonLas VegasThe Las Vegas Hilton appeals to business people due to its excellent convention facilities. The gaming floor is spread over 6'224m2 (67'000 sq ft). It is dominated by the world's largest race and sports book, where a video wall made up of 46 screens, some of which are 4.5m (15 ft) across, covers an area of 2'833m2 (30'500 sq ft). This is complemented by a state-of-the-art audio system. Games include slots, blackjack, craps, poker, keno and roulette. Minimum stakes start at $5 and increase at peak times. There is also a large luxurious baccarat room, with crystal chandeliers and plush furniture.Additional facilities include the 1600-seat Hilton Las Vegas Theatre; a nightclub; 12 restaurant offering everything from burgers and fries to Japanese Hibachi; and an 18-hole golf course. Another attraction is Star Trek - The Experience, an interactive museum housing a collection of props and costumes from the popular television show. Visitors are taken on a simulated journey via the bridge of the starship Enterprise, through the Star Trek universe.

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CROWN CASINOAustraliaThe Crown Casino and Entertainment Complex on the banks of Melbourne's Yarra River opened in 1977. It includes a five-star hotel, convention facilities, river-side restaurants, boutiques and an entertainment area. The Atrium entrance is designed to give the effect of four seasons in a day with a subtle blend of light, water, clouds, glass and black Italian marble combining to make a stunning display. Created by artists, composers and technical experts, the five-storwy-high space features a crystal wave ceiling and laser lights.Crown is one of the largest casinos in the southern hemisphere, offering 350 table games and 2500 slots.

JUPITERSAustraliaJupiters hotel, casino and leisure complex is located on Broadbeach Island in the heart of Queensland's Gold Coast, Australia's favorite holiday destination. The buildings are set amid 6ha (15 acres) of lush land-scaped sub-tropical gardens and parkland.The 5'574m2 (60'100 sq ft) casino covers two levels and the action takes place 24 hours a day. There are 88 gaming tables and 1176 slots. Games include roulette, blackjack, baccarat, craps, Caribbean stud poker, pai gow, two-up, keno and Jupiters Wheel. Stakes vary from A$1 to A$10'000. Admission is free, but players must be over 18 years. The exclusive Club Conrad, which caters for high rollers and serious gamblers, offers baccarat, roulette and blackjack.Facilities include Fortunes nightclub, with the latest video and sound effects. Nine bars, six restaurants and an English-style pub cater for all dining tastes. Jupiter's Theatre, a 1120-seat auditorium, is the venue for live performances by top acts. Recreation options include swimming, tennis, squash and a jogging track.

BADEN BADENEuropeBaden Baden, famously described by Marlene Dietrich as the 'Most beautiful casino in the world', is also one of the oldest still in operation. It was opened in 1748 by Edouard Benazet, who employed Parisian craftsmen to design the stylish rooms that are now a tourist attraction in their own right.The main gaming area, which totals over 3'000m2 (32'000 sq ft), compromises several luxuriously decorated rooms, including the Red Chamber, Austrian Room, the Winter Garden, le Salon Madame de Pompadour, the Margrave Room and the Florentine Room.The casino is open daily 14:00 to late. Games include American roulette, baccarat, blackjack, poker and slot machines. French rules apply. Minimum table limits are 5 Euro for roulette and slots, 10 Euro for blackjack and poker and 100 Euro for baccarat. The slot machines are housed in a separate building that was formerly the town's railway station.Players must be over 21 and passports or identity need to be shown. There is an admission charge and dress code of jacket and tie for men.

LONDON CLUBSEuropeLondon Clubs International operates some of the city's most prestigious and exclusive casinos, from venues offering high stakes and fine dining in elegant surroundings to more popular, lively clubs. Access is restricted to members and visitors should apply for membership beforehand.The Palm Beach is one of the largest and most elegant casinos in London. It attracts a young, cosmopolitan clientele who enjoy the combination of fine dining and sophisticated gaming.Les Ambassadeurs is set in a building dating back nearly 200 years. Discretion and service are hallmarks of this friendly yet intimate casino offering roulette, blackjack and punto blanco.The Golden Nugget has lower minimum stakes than other London casinos. Games include roulette, blackjack, punto banco, stud poker and slot machines.The exclusive upmarket 50 St James, first operated in 1828, has recently been restored to its former glory. In the gaming hall, the walls are covered with pure silk damask and the floors are carpeted with a design from the 1820s. Two salons prives offer high stakes roulette, blackjack and punto banco. Membership is compulsory, but out of town visitors can obtain complimentary membership between 14:00 and 21:00. Dress is smart and men are required to wear jackets.

SKY CITYNew ZealandAuckland's Sky City casino is located alongside the imposing Sky Tower which at 328m (1076ft) is the tallest tower in the southern hemisphere. Three glass-fronted elevators whisk visitors to the top in just 40 seconds. From the observation level it is possible to see up to 82 km (51 miles) away with views of the Leigh Peninsula, the Wailakere Ranges and Bombay Hills.In the main casino the 1'300m2 (14'000 sq ft) gaming floor features blackjack, roulette, money wheel, keno, Caribbean stud poker and pai gow, as well as over 1000 slot machines. Gaming takes place 24 hours a day, seven days a week. The smaller Alto Casino and Bar, which has more intimate atmosphere, is open from 16:00 to late. Players must be over 20 years and are required to dress smartly, with jackets optional for men. Both casinos feature live entertainment.

SUN CITYSouth AfricaThe extensive Sun City resort complex, owned by Sun International, is situated 185 km (115 miles) northwest of Johannisburg. First opened in 1979 it was soon expended to include the Cascades Hotel, the family-orientated Cabanas, and the Superbowl, a multi-purpose entertainment and conference venue. On-side facilities include a man-made lake for water sports, and two 18-hole championship golf courses designed by Gary Player. (The annual Million Dollar Challenge golf tournament takes place here.) The resort is adjacent to the 60'000 ha (136'000 acres) Pilanesburg.National Park where Africa's 'Big Five' of wildlife can be seen.Sun City offers one of the largest casinos in the southern hemisphere. It is open daily from 13:00 to late and the slots are open 24 hours. Games include blackjack, roulette, punto banco, craps and slots. Table stakes start at R5. Minimum stakes on the slots are 50c. The casino features the largest progressive slots jackpot in Africa, including the Dream Machine, with a minimum payout of R1 million. There are two private gaming rooms. The salon prive caters for medium limit games of roulette, blackjack and punto banco with minimum stakes from R25-R200. The International Room has minimum stakes of R50 on roulette and R500 on blackjack.The opening of the Palace of the Lost City in 1992 moved the resort into a new dimension. This showpiece luxury hotel has won international acclaim for its opulent fantasy decor which incorporates elaborate frescos, murals and mosaics depicting the stories and myths of a lost African tribe. The hotel is linked to the casino by the trembling, smoking Bridge of Time, which is guarded by rows of life-size elephant statues.

ATLANTISThe CaribbeanLocated near Nassau in the Bahamas, the $850 million Atlantis resort on Paradise Island was opened by Sun International in 1998. The 370ha (826 acre) resort, surrounded by white beaches and crystal-clear water, is the perfect place to recreate the myth of Atlantis, the beautiful island that was overwhelmed by the sea.The ruins of Atlantis are depicted in The Dig, an underwater labyrinth of walk-through tunnels which wind through 11 lagoons filled with over 200 species of marine life. Giant rays, barracuda and sharks swim among fanciful relics of the ancient culture, including submarines and flying machines.A life-size replica of a Mayan temple features water slides, such as the Serpent which spins its riders into darkness to emerge in a tunnel that passes through the Predator lagoon. The Jungle Slide meanders through exotic jungles, temples and caves.The resort's 2300 rooms are housed in four hotels. Included in the 176 suits is the 465m2 (5'000 sq ft) Bridge Suite that spans the twin Royal Towers. The resort has 38 restaurants and bars offering a choice of Pacific Rim, American and Italian cuisine.The Entertainment Centre, which houses the Caribbean's largest casino, has the unusual feature of opening onto outdoor terraces and restaurants, bringing the tropical environment of the Bahamas into the gaming area. The 78 gaming tables include roulette, blackjack, craps, baccarat and Caribbean stud poker, as well as a high limit table area, the Baccarat Lounge. Stakes on the 980 slot machines range from 25c to $100. Free gaming lessons are offered daily.

BEAU RIVAGEUSABeau Rivage, meaning beautiful shore, is situated in the Gulf coast town of Biloxi, Mississippi. A feature of Mississippi casinos is that they are required to float, so the 6'700m2 (72'000 sq ft) casino has been built on a barge. The 24-hour a day casino offers table games, slot machines, a race book and a separate poker room.The Mediterranean-themed resort, built at a cost of $675 million, opened in 1999. Mature oak trees line the circular entrance which leads to an atrium planted with flowers and fragrant magnolia trees. Finches fly overhead and the floor is an Italian-designed mosaic.

MOHEGAN SUNUSAWhen expansions are completed, Mohegan Sun, in Uncasville Connecticut, is set to be one of the largest casino complexes in the world. Opened in 1996 by the Mohegan Tribal Nation, the expansion will add a 1200-room luxury hotel, 10'000 seat arena, new retail outlets, convention facilities that include the Northeast's largest ballroom, and a second casino.Decor throughout the complex draws on Mohegan legend and tribal lore. The original Casino of the Earth is a circular room divided into four sections, representing the four seasons of nature. The 16'700m2 (179'500 sq ft) gaming area has 3000 slot machines and 192 table games including high-stakes bingo, blackjack, craps, roulette, baccarat and a separate poker room. There is also a race book.The new 10'600m2 (115'000 sq ft) Casino of the Sky will feature the world's largest planetarium dome, and a multi-level onyx and alabaster venue, Wombi Rock, housing a lounge and dance floor. Both casinos offer non-smoking gaming areas.

Monte CarloEurope

After gaming was introduced to Monaco (an enclave in France, near the Italian border) in 1857 by Prince Charles III, the Mediterranean principality flourished, becoming a playground for Europe's aristocracy and a name synonymous with glamour and wealth.Monte Carlo Casino, one of Europe's oldest, dates from 1863 and was designed by Charles Garnier, architect of the Paris Opera House. The classical buildings are set in formal gardens on a terrace overlooking the sea. There are several restaurants, including Les Prives, which has a sea view, and the Cabaret, which offers live shows. The Train Bleu restaurant recreates a deluxe dining car of a train from the belle epoque era.The sumptuously decorated gaming rooms feature marble columns, gilded mahogany and chandeliers fashioned from Bohemian crystal. Games include blackjack, baccarat, French and American roulette, punto banco, craps and trente et quarante.Stakes start at 20 french francs for roulette, FF200 for blackjack, and FF500 for baccarat, chemin de fer and punto banco. There are 280 slot machines with stakes starting from FF1. The casino is open daily from 12:00 to late. The minimum age for gambling is 21 years. Dress is smart and men must wear ties.The revamped Monte Carlo Sporting Club houses the futuristic Les Palmiers gaming hall, Maona restaurant and Jimmy's disco. Le Cafe de Paris, adjacent to the main casino, offers poker, craps, blackjack and roulette, as well as bars, restaurants and cabaret shows.